Discontinued Operations and Assets Held for Sale

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Assets Held for Sale

Discontinued Operations and Assets Held for Sale

Note 5—Discontinued Operations and Assets Held for Sale

For the three months ended June 30, 2013, the Company had no income before income taxes from discontinued operations. For the six months ended June 30, 2013, the Company had a loss before income taxes of $0.1 million pertaining primarily to legacy workers compensation claims.

As of June 30, 2013, the Company classified CCM’s Kent, WA facility and related assets as held-for-sale following the relocation of operations to Puyallup, WA.  The disposal group includes only long-lived tangible assets with a net book value of $3.9 million.

In the third quarter of 2012, the Company announced plans to restructure certain of CFS’s manufacturing and distribution operations.  As of June 30, 2013, assets held for sale includes $6.9 million of long-lived tangible assets related to the Reno, NV and Zevenaar, The Netherlands distribution centers.

On January 2, 2012, the Company completed the sale of the PDT Profiles business for €17.1 million, or $22.1 million.  The Company had acquired all of the equity of PDT on August 1, 2011 (see Note 4).  Included with the acquisition were certain assets associated with the PDT Profiles business, which the Company classified as held for sale at the date of acquisition.  No gain or loss was recognized upon the sale of the PDT Profiles business.